When the big day arrives, one interesting thing to do is compare rumour, speculation, and expectation with what is announced in the Budget. Unsurprisingly, in an election year and with burgeoning social and traditional media, there was much rumour and conjecture about what this Budget might contain.
Last November’s Autumn Statement contained about £20bn of tax cuts, with measures split equally between personal National Insurance Contribution (NICs) reductions and full business expenses for companies. Predictably and inevitably, the capacity for further tax cuts would be determined by the ‘fiscal headroom’ available to the Chancellor based on the latest Economic and Fiscal Outlook (EFO) published by the Office for Budget Responsibility (OBR).
Happily, the Chancellor reported that inflation was lower than expected, growth was predicted to be stronger than anticipated, and debt was forecast to fall as a proportion of GDP in the medium-term. That giveaway left little wriggle room for further tax reductions in March unless the OBR’s fresh number crunching revealed an improvement in public finances.
So, what did we get?
We asked the tax experts at Technical Connection to break down the budget and share their analysis for our users. Download their comprehensive analysis to understand the challenges and opportunities brought about by the Spring Budget.
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